TUC calls for £900m injection for industry

The
TUC wants the Government to inject £900m into industry in an effort to tackle
the productivity gap.

In
a 40-page submission to Treasury, the TUC rejects ‘old-style subsidies’ in
favour of tax credits and more money for the regions.

TUC
secretary John Monks said the aim is to make British industry ‘world class’.

"These
recommendations look to the future. We want to see a world-class British
industry created through effective and targeted investment to tackle our
productivity gap," he said.

"Old-style
subsidies and setting an objective of simply treading water will result in us
slipping further behind. We need ‘smart-support’ to give us a high-wage,
high-tech manufacturing sector that will trail blaze ‘made in Britain’ across
the globe."

The
TUC has suggested the Chancellor introduce £150m worth of training tax credits
to boost skills.